Bio-based Esters Market: Is expected to reach US $2.31 billion, thanks to growth in the paints and coatings segment. The report analyzes market dynamics by region and end-user industries..
Bio-based Esters Market Overview:
The Bio-Based Esters Market was worth $1.43 billion in 2020, and it is predicted to grow at an annual rate of 8.32 percent to $2.31 billion by 2027.
Esters can be utilised as platform chemicals in bio-based fuels, plastic monomers, fragrances, flavours, and solvents, hence metabolic engineering for the production of bio-based esters is gaining popularity. Esters derived from carboxyl acid are the most common. These esters are formed when alcohols and carboxylic acids react in the presence of sulfuric or hydrochloric acid. Bio-based esters are esters derived from natural resources such as soybean, maize oil, canola oil, and palm oil.
Bio-based Esters Market Dynamic:
The tremendous expansion of the paints and coatings sector is linked to the expansion of industries such as public works, real estate, and building and construction. Concerns about the high VOC content of synthetic solvents, as well as increased awareness among end-users about the usage of environmentally friendly products, are projected to stimulate demand for eco-friendly ester products.
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Bio-based Esters Market Segmentation:
The global bio-based esters market is split into single categories as follows, according to Source: Vegetable Oils (Palm Oil, Soybean Oil, Sunflower Oil, Cottonseed Oil, and Others). Because of its widespread use in the synthesis of bio-based esters and low cost, the Palm Oil sector was dominating and controlled the majority of the overall market share in terms of revenue in 2020.
Paints & Coatings, Personal Care, Construction, and Others are the four categories of applications that make up the worldwide bio-based esters market. In terms of sales, the Paints & Coatings category was dominant in 2020, accounting for percent of the whole market.
Bio-based Esters Market Key Players: Cargill Inc, Arkema Inc, BASF SE, Vertec Bio-Solvents, Solvay, Huntsman Corporation, Bioamber S.A.S, Spak Orgochem, Mangalam Organic Ltd, Ester Industries Ltd, Esters and Solvents LLP, ChemCeed, Palmer Holland Inc, The Chemical Co, Kowa American Corp, Allan Chemical Corp, Others
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Bio-based Esters Market Regional Analysis:
Because of infrastructural development in countries like China and India, as well as increased public and private investment, demand for solvents in the paints and coatings sector is rising throughout Asia Pacific. Green solvent demand is predicted to increase in the region as a result of government initiatives to eliminate the environmental concerns posed by petroleum-based solvents with high VOC contents. These factors are likely to boost demand for bio-based esters in Asia Pacific over the forecast period.
Impact of COVID-19 on the Bio-based Esters Market:
The arrival of COVID-19 has turned the world upside down. It has affected every field in the world except for the medical and health industry. Everyone is now getting used to this change that COVID-19 has created. Like every other market, this Bio-based Esters market is also affected and has faced many difficulties in these tough times. Our researchers here at the Maximize Market Research have studied and analyzed the market considering the impact of COVID-19 on the market they have found solutions that can overcome the problem that you are facing and it will only help you to grow and expand your position in the market.
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